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- CCTV chooses the occasion of the seventh China Space Day for the release of its third NFT series.
- The third NFT series would be taken out of the box on the Top Holder marketplace.
- As China banned crypto last year, it is to see how it will go forward with the currently popular concept of NFTs.
China Central Television (CCTV), the State-owned broadcaster in the country, is its online branch and is all set to roll out a new Non-Fungible Tokens (NFTs) series on Thursday as it will celebrate its seventh China Space Day.
NFTs Attract Frenzy, But Skepticism Stays
Earlier, China Central Television (CCTV) ‘s first NFT collection was issued for free during the Chinese new year atop Tencent’s blockchain. Further, it chose the occasion of the February Lantern Festival to issue the second batch, which was issued on Alibaba’s blockchain. They managed to get 717,600 Yuan which is US$112,626, from the primary sales.
Although the state media has issued several warnings against the concept as it warns against speculation in the NFTs space. The series gained a lot of attraction and high-priced bids in the resale market.
This time, it’s not Alibaba or Tencent that the broadcaster is choosing. The third series would be sold on the Topholder marketplace, which is a partner of Weibo, a Chinese social media platform. The marketplace provides Weibo users to mint their social media posts as NFTs.
The country’s banking and security industry lobbies have also recently urged the members to resolutely curb the securitization and financialization wave of Non-Fungible Tokens (NFTs).
It is ironic that the Dragon has banned cryptocurrencies and their mining but has constantly been deploying related technologies like that of blockchain. If we talk about NFTs, China has been a bit skeptical and is yet to conclude a proper set of regulations on NFT trading. Like China shut the door on the face of cryptocurrencies, it will be interesting to see whether it keeps the door open for NFTs?
With the exponentially booming NFT sector, many anticipate that it will take over the globe as soon as it is integrated with the Web3 and metaverse ecosystems wholly.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
